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House Financial Services Committee "Weekend Must Reads" - May 10, 2013 - Friday, May 10, 2013

House Financial Services Blog Post:

 

Weekend Must Reads

 

Posted by on May 10, 2013

 

BloombergTea Party Rant II Awaits Next Homeowner Bailout

On Feb. 19, 2009, CNBC editor Rick Santelli let loose on the floor of the Chicago Mercantile Exchange in response to President Barack Obama’s proposal to subsidize underwater mortgages.

 

Santelli’s famous rant gave birth to the Tea Party. Obama’s proposal gave way to numerous initiatives, known by the catchy acronyms HAMP and HARP (but not HARM), all of which fell short of the administration’s initial goals.

 

UK Telegraph: China may not overtake America this century after all

Doubts are growing about whether China can pass the US to become the world's biggest economy this century amid warnings that the country’s 30-year miracle is nearing exhaustion.

 

Real Clear MarketsThe SEC's Cross Border Regulatory Creep

Last week, the Securities and Exchange Commission proposed its cross-border security-based swaps rule under Dodd-Frank with great fanfare and a unanimous commission vote. Many outside the SEC have deemed the proposal a success, presumably because it is not as bad as the approach taken by the Commodity Futures Trading Commission that has angered regulators the world over. Exceeding the CFTC's low bar is a pretty poor metric for assessing regulatory success.

 

New York PostNo happy ending for the Fed’s stock party

Friends don’t let friends invest drunk.

 

I think that’s an apt warning, considering what’s been going on in the stock markets, which reached all-time highs this week even though the economy is — at best — limping along and may even be deteriorating.

 

CATO: Regulation, Market Structure, and Role of the Credit Rating Agencies

During the financial crisis of 2008, the financial markets would have been better served if the credit rating agency industry had been more competitive.

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2013 U.S. Retail Banking Satisfaction Study - Thursday, April 18, 2013

J.D. Power and Associates Reports:

2013 U.S. Retail Banking Satisfaction Study

Big Banks Make Significant Improvements, Closing the Customer Satisfaction Gap with Regional and Midsize Banks

Date Published: 04/18/2013

Overall Customer Satisfaction with Retail Banks Improves Significantly

WESTLAKE VILLAGE, Calif.: 18 April 2013 -- Overall customer satisfaction with retail banks improves significantly from 2012, largely a result of improvements made by big banks1, according to the J.D. Power and Associates 2013 U.S. Retail Banking Satisfaction StudySM released today. 

Read entire report

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The NCUA Report - April 2013 - Monday, April 15, 2013

The NCUA Report – April 2013

The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know.  It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions.

Every NCUA Report includes articles from the Chairman and each of the Board Members regarding their take on current topics.  You'll also find topical articles from NCUA office and regional directors.

Click here for complete report.

 

  1. Office of Examination and Insurance Report: DEMYSTIFYING CAPITAL REQUIREMENTS FOR CREDIT UNIONS

  1. Highlights

    1. Chairman's Corner

      1. Wearing a Different Hat

    1. Board Actions

      1. Streamlined Fixed Assets Rule Proposed

    1. Board Perspective

      1. Derivative Investment

    1. Economic Scenarios to Prepare for in 2013

    1. Q&A with the Director of the Office of Consumer Protection

    1. Beware of Three Emerging BSA Risks

    1. The User Experience Guides Mycreditunion.Gov and Pocket Cents Redesign

    1. Register Now for NCUA's CEO Boot Camps

    1. Take a Trip to Financial Stability with NCUA's New Personal Finance Game
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House Financial Services Committee "Weekend Must Reads" - Friday, April 12, 2013

House Financial Services Committee Blog:

Weekend Must Reads

April 12, 2013

ForbesMargaret Thatcher Exposed The Infantile Illusions Of Socialism             

Margaret Thatcher’s economic policies, we are often told, were cruel, harsh, immoral. In fact she was a deeply moral thinker, and the moral superiority of the free market was central to her thinking. She made the case for it like no other major political leader.

Washington PostIs easy money creating a new wave of bubbles?

Trillions of new dollars, euros, yen and pounds are sloshing around the global financial system, a result of extraordinary efforts by the leading central banks over the last several years to try to yank their economies out of their long slump. And it has to go somewhere. Will that somewhere wind up being a new set of financial bubbles that pop and send us back where we started?

RealClearMarkets: President Obama Trumpets 'Financial Capability' While Undermining It

The President proclaimed April to be National Financial Capability Month, a new twist on what used to be called financial literacy month. Who can argue with wanting to make sure that people have "access to the information and tools that empower them to operate safely and smartly in the marketplace"? The strategy being employed to achieve this objective is the problem.

WSJ-MarketWatchGetting used to a slow-growth future

Irrational exuberance is back.  I know, I know. The Dow Jones Industrial Average just rose to yet another record close. Call it irrational, but exuberance is being handsomely rewarded in this market.

BloombergBitcoin Really Is an Existential Threat to the Modern Liberal State

So far, Bitcoin is not a big deal. Its total value in circulation was $1.4 billion as of this week. That's equivalent to the currency stock of a small nation -- somewhere between Iceland and Uruguay -- and just one-thousandth of the total value of U.S. dollars in circulation.

Heritage: Breaking Up Big Banks: Right Question, Wrong Answer

Should the federal government break up America’s big banks? Once confined to the populist fringes of policy debate, the idea has developed surprising momentum in recent months, with a number of conservative voices jumping on the bank breakup bandwagon

Huffington Post: ‘Break Up the Banks’ Bill Gains Steam in Senate as Wall Street Lobbyists Cry Foul

Momentum to break up the nation’s largest banks is building quickly on Capitol Hill, just weeks after a unanimous, symbolic vote in the Senate to end taxpayer subsidies to Wall Street.

AEI: Unfounded Optimism: The Danger of FHA’s Mispriced Unemployment Risk

News from the housing market is finally positive: house prices are rising and the share of seriously delinquent loans is down.  One major exception? FHA-guaranteed mortgages.

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FDIC State Profiles - Fourth Quarter 2012 - Monday, March 25, 2013

FDIC Press Release:

FDIC State Profiles


Fourth Quarter 2012

Effective January 2007, FDIC State Profiles have been reformatted as a quarterly data sheet summation of banking and economic conditions in each state. To retrieve a state profile, select a state from either the map or list below. Link to map and list.

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Shifting Social Media from "If" to "How" - Wednesday, March 20, 2013

NAFCU Services Blog:

March 19, 2013

Shifting Social Media from “If” to “How”

Guest post written by Steve Richman, sales trainer and national spokesperson for Genworth Mortgage Insurance.

Social media has been embraced by consumers — your members and potential members. Your employees are engaged in social media activities, whether they are active on Facebook, LinkedIn, Pinterest, Twitter, and other sites or active bloggers themselves. In fact, social media has become more mainstream, with growing participation in all age groups and income levels. The question for credit unions has changed from “Should we or shouldn’t we?” to “How do we?” Here are three steps to consider, read more. . .

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'Prepaid Card' = Checking Account - Tuesday, March 05, 2013

American Banker ‘Bank Think’

By: Andrew Kahr

March 4, 2013

 

'Prepaid Card' = Checking Account

How do today's most recently introduced prepaid cards differ from checking accounts? 

 

The convergence has been rapid. I believe the biggest remaining difference is the name!  

This evolution wasn't obvious when prepaid cards debuted, but it's past time to reckon with it.

Prepaid cards are expanding not just in number, but in features, incorporating all forms of payment—even paper checks. Meanwhile, checking accounts are contracting, not just in number of checks written, but even as to available means of payment. (There are now "checking accounts" that don't allow writing of paper checks!)

If features and costs were equal, many consumers would still have a strong preference for a product bearing one or the other of these two labels.  Read More. . .

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Why Regions Bank Excels in Social Media - Thursday, February 21, 2013

From Bank Innovation

Why Regions Bank Excels in Social Media

February 19, 2013

By Philip Ryan

 

JD Power recognized Regions Bank as a leading provider of social media content among banks in a study published on February 14.

The results were based on responses from “more than 23,200 U.S. online consumers who have interacted with a company via the companies’ social media channel.” The institutions recognized in the Banking category were Capital One, JPMorgan Chase, Huntington Bancshares, Inc. and Regions Bank.

Regions is a relative newcomer to the social space, launching the first of its two Twitter feeds, @askregions, in December 2011, and initiating Facebook and YouTube channels in April 2012. (The other Twitter feed is @regionsjobs.) Read more. . .

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Three Factors for 2013's Mortgage Market - Tuesday, January 29, 2013

NAFCU Services Blog

 

Three Factors for 2013’s Mortgage Market

Orginally posted on CUInsight.com

Guest post by Dan Green, EVP, Marketing, Mortgage Cadence

Three factors will heavily influence the mortgage market during 2013. Two of them are immensely positive for credit unions and for our industry overall. The third is a reflection of the mortgage market generally, and, when seen in a certain light, is positive as well.

Factor One – Refinance

Yes, refinancing will continue in 2013. Read more. . .

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What's Happening to Debit? - Monday, January 21, 2013

What’s Happening to Debit?

NAFCU Services Blog

Post written by Chelsea Sisson, Associate Marketing Manager, NAFCU Services Corp.

I’ve always felt a little guilty when I used my debit card to pay for something like gum at a gas station. Surely, most “normal” people carry enough cash around for small purchases like that; the cashier must be secretly laughing at me for having to pull out plastic for such a small purchase. Turns out, I may be much more “normal” in this regard than I first thought.

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